BENGUET Corp. reported a turnaround in its first-quarter with a net income of P56.7 million after the mining company recorded a marked improvement in its revenues during the period.

In the same quarter last year, the company registered a net loss of P60.56 million.

In a disclosure to the stock exchange, the company said its revenues rose 119% to P408.46 million versus P186.52 million.

Benguet Corp. credited the higher revenues in the first quarter to the sale of three boatloads of nickel ore with an aggregate volume of 158,650 tons valued at P205.2 million.

The company’s Acupan gold project milled 10,114 tons of ore, which produced 1,979 ounces of gold.

The average grade of ore milled fell to 6.09 grams of gold per ton compared with 6.94 grams of gold per ton during the same quarter in 2019. “Milling rate improved by 16% to 111 tons per day during the quarter compared to 96 tons per day in the same period last year,” the disclosure said.

The company’s Sta. Cruz nickel project under its wholly owned subsidiary Benguetcorp Nickel Mines, Inc. has posted net earnings of P20.07 million for the quarter.

Meanwhile, Benguet Corp. said its Irisan lime project posted pre-tax earnings of P3.3 million for the quarter, lower than the P8.8 million it earned in the same period last year, due to lower sales volume at 1,647 tons.

“The company will continue to be affected by the government’s imposed lockdown due to coronavirus disease 2019 (COVID-19) infection which caused disruption of operations,” the disclosure said.

However, Benguet Corp. said it had implemented precautionary strategies and protocols to address the risks from COVID-19 and provided alternative work schemes such as skeletal manpower to ensure continued business operations.

“The company is confident that its wholly owned subsidiary, BNMI will continue to market its saleable stockpiled nickel ores,” the disclosure said.

The company’s total assets increased 0.9% to P6.98 billion while its total consolidated liabilities were at P2.51 billion for the quarter.

On Monday, shares in Benguet Corp. “A” fell 4.29% or P0.06 to close at P1.34 per share while Benguet Corp. “B” retreated 4.67% or P0.07 to end at P1.43 apiece. — Revin Mikhael D. Ochave